HomeMy WebLinkAboutCity Council - 98-93 RESOLUTION NO. 98-93
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH APPROVING THE ISSUANCE OF TAX
ALLOCATION REFUNDING BONDS BY THE
REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON
BEACH IN THE MAXIMUM PRINCIPAL AMOUNT OF
$11,000,000
WHEREAS, the Redevelopment Agency of the City of Huntington Beach (the
"Agency") has established a Redevelopment Plan for the Huntington Beach Redevelopment
Project in the City of Huntington Beach (the "Redevelopment Project"), by which it has merged
the Talbert-Beach Redevelopment Project, the Main-Pier Redevelopment Project, the Oakview
Redevelopment Project, the Huntington Center Redevelopment Project and the Yorktown-Lake
Redevelopment Project(the"Constituent Redevelopment Projects"); and
The Huntington Beach Public Financing Authority (the "Authority") has previously
issued its Huntington Beach Public Financing Authority 1992 Revenue Bonds (Huntington
Beach Redevelopment Projects) in the aggregate principal amount of $33,495,000 (the "1992
Bonds") for the purpose of raising funds to provide financing and refinancing for the Constituent
Redevelopment Projects (other than the Yorktown-Lake Redevelopment Project), which are
secured by individual Loan Agreements each dated as of May 1, 1992 (collectively, the "1992
Loan Agreements'), for each of such Constituent Redevelopment Projects; and
The Agency has determined that it is in the best interests of the Agency at this time to
advance refund the portion of the 1992 Bonds which may be refunded on a tax-exempt basis (the
"Refunded 1992 Bonds"), and for the purpose of raising funds for such purpose the Agency has
determined to authorize the issuance of its Redevelopment Project 1998 Tax Allocation
Refunding Bonds (Huntington Beach Redevelopment Project) in the aggregate principal amount
of not to exceed$11,000,000 (the`Bonds"); and
SF/s:SF-98Reso1ution:CityTARS
t 1/10/98
98-93
In accordance with the requirements of Section 33640 of the Health and Safety Code of
the State of California, the City Council wishes to express its approval of the issuance and sale of
the Bonds by the Agency;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Huntington Beach that the issuance and sale of the Bonds by the Agency for the purpose of
providing funds to refund the Refunded 1992 Bonds is hereby approved.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 7th day of December _, 1998.
Mayor
ATTEST: APPROVED AS TO FORM:
0,'
City Clerk t tomey
REVIEWED AND APPROVED: INITIATED AND APPROVED:
City Adnif6strator Acting Deputy City Administrator/
Chief of Administrative Services
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Res. No. 98-93
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
1, CONNIE BROCKWAY,the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City Council of said City,
do hereby certify that the whole number of members of the City Council of the City
of Huntington Beach is seven.; that the foregoing resolution was passed and adopted
by the affirmative vote of at least a majority of all the members of said City Council
at a regular meeting thereof held on the 7th day of December, 1998 by the following
vote:
AYES: Julien, Bauer, Garofalo, Green, Dettloff, Harman, Sullivan
NOES: None
ABSENT: None
City Clerk and ex-officio Clerk of the
City Council of the City of Huntington
Beach, California